01—Abstract
Summary
Summary of the 10-K filed February 20, 2026. Cited figures are marked; the original filing is the authoritative source.
PPL Corporation, a utility holding company headquartered in Allentown, Pennsylvania, reported 2025 net income of $1.181 billiona, up from $888 million in 2024, and diluted EPS of $1.59 versus $1.20.
Earnings from Ongoing Operations rose to $1.344 billionb from $1.250 billion. Kentucky Regulated net income was $674 million, Pennsylvania Regulated $639 million and Rhode Island Regulated $85 million. Operating revenues increased to $9.042 billion from $8.462 billion, driven largely by higher PLR revenues at PPL Electric and RIE energy purchase recoveries.
The company's capital program is large: projected capital expenditures total $17.35 billionc for 2026 through 2028, and cash used in investing activities reached $4.004 billion in 2025 versus $2.818 billion in 2024. Long-term debt rose to $17.99 billion noncurrent at year-end, and PPL issued $3.045 billion of long-term debt during 2025. Pending regulatory matters are significant: PPL Electric requested a distribution base rate increase of about $356 million, LG&E and KU received KPSC orders on February 16, 2026 approving about $233 million of revenue increases at a 9.775% base ROE, and RIE requested about $181 million in its first year of a two-year plan.
Investors should also note that a joint venture with Blackstone Infrastructure, in which PPL owns 51%d, is developing data center generation, though no energy services agreements with hyperscalers had been signed as of the filing date. The company also cited ongoing wildfire, environmental and data center demand risks, and an EPA deregulatory initiative that could affect its coal-fired generation.
02—Key points
Key Highlights
- Net income rose to $1.181 billion in 2025 from $888 million in 2024; diluted EPS was $1.59 versus $1.20.
- Earnings from Ongoing Operations were $1.344 billion, up from $1.250 billion, with Kentucky Regulated at $693 million and Pennsylvania Regulated at $640 million.
- Projected capital expenditures total $17.35 billion for 2026 through 2028, with $5.125 billion planned for 2026.
- Pending rate cases include PPL Electric's request for about $356 million in distribution base rate increases (requested ROE 11.3%) and RIE's request for about $181 million in year one of a two-year plan.
- On February 16, 2026, the KPSC approved about $233 million in revenue increases for LG&E and KU with a 9.775% base ROE, modified from the stipulation, and denied the proposed stay-out and SM mechanism.
- PPL and Blackstone Infrastructure formed a joint venture (PPL 51%) to build data center-serving generation; no hyperscaler energy services agreements had been signed as of the filing date.
- The company issued $3.045 billion of long-term debt in 2025 and settled ATM forward sales for about $394 million in December 2025, and declared a 28.50 cent quarterly dividend for April 2026.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 20, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $9.17B$8.44B | +8.6% |
| Operating Income | $2.13B$1.74B | +22.4% |
| Interest Expense | $808.00M$738.00M | +9.5% |
| Net Income | $1.18B$888.00M | +33.0% |
| EPS (Basic) | $1.60$1.20 | +33.3% |
| EPS (Diluted) | $1.59$1.20 | +32.5% |
| Shares Outstanding (Basic) | 739.41M737.76M | +0.2% |
| Shares Outstanding (Diluted) | 743.35M739.85M | +0.5% |
05—Questions
Frequently Asked Questions
How did PPL's earnings and cash flow change in 2025?
Net income increased to $1.181 billion from $888 million, and diluted EPS rose to $1.59 from $1.20. Net cash provided by operating activities was $2.629 billion versus $2.340 billion in 2024, while investing activities used $4.004 billion versus $2.818 billion, reflecting higher capital spending.
What regulatory decisions could affect PPL's revenue growth?
The KPSC issued orders on February 16, 2026 approving about $233 million in LG&E and KU revenue increases, with a 9.775% base ROE and retroactive effect to January 1, 2026. PPL Electric's $356 million PAPUC request is expected to be ruled on in the second quarter of 2026, and RIE's RIPUC ruling is anticipated in the third quarter of 2026.
What is the status of the Blackstone Infrastructure joint venture?
PPL owns 51% and Blackstone Infrastructure owns 49% of a joint venture to build new generation stations to power data centers in Pennsylvania. The venture has secured multiple land parcels, but no energy services agreements with hyperscalers had been signed as of the filing date.
What are the main capital and financing commitments?
Projected capital expenditures are $5.125 billion in 2026, $6.025 billion in 2027 and $6.200 billion in 2028, for a total of $17.35 billion. PPL had $456 million of short-term debt and $904 million of long-term debt due within one year at year-end, with $3.088 billion of unused credit facility capacity across the Registrants.
06—Continue